HOW & WHY the ALL IN ONE Loan Works
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- Опубліковано 7 жов 2023
- Is the All In One Loan from CMG right for you?
25-year Mortgage Coach Mike Castronovo helps you understand if this product is right for you and your family.
Go to: www.MusicCityMortgageCoach.com
Michael (Mike) Castronovo - Senior Loan Officer - NMLS ID# 19831
CMG Financial - NMLS ID# 1820
CMG Home Loans - Branch NMLS ID# 1093019
810 Crescent Centre Drive Suite 320, Franklin, TN 37067
(615) 914-1799
Equal Housing Lender
CMG Financial™ is a registered trade name of CMG Mortgage, Inc., NMLS# 1820 in most, but not all states. CMG Mortgage, Inc. is an equal housing lender. Tennessee Mortgage License # 109401. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and www.nmlsconsumeraccess.org.
Great explanation of the greatest wealth creation tool in America today!
Thank you!
Who will this not work for? Do you have a video on that? Will this work for close to retirement people? Thank you.
Never mind. Just noticed you didn't answer any of the other questions asked.
Sorry Anthony. I was missing the notifications of the comments.
Helpful video however at 9:41 you say “traditional compounding mortgage”. Are not traditional mortgages simple interest, not compounding?
According to Investopedia traditional mortgages are compounding: www.investopedia.com/terms/m/mortgageinterest.asp#:~:text=Key%20Takeaways-,Mortgage%20interest%20is%20the%20interest%20charged%20on%20a%20loan%20used,or%20variable%20and%20is%20compounding
I actually agree with you that they are presented as simple interest in that you are not adding interest on top of interest. The bigger difference that I will explain in future videos is that a Traditional Mortgage has a "predetermined" payment based on an amortization schedule where you're paying mostly interest for the first 10 to 20 years (depending on your rate). Compared to the All In One, where your deposits are applied to principal first, and your interest is truly simple, calculated on the outstanding nightly balance at the end of the month, and that amount is added to your balance on the 21st of the following month. Also, on a Traditional Mortgage, if you were to make an additional payment toward principal, it doesn't reflect until the start of the following month.
will this save if I am already in my last 10 years for my 30 year loan?
Potentially. You're still paying Principal First with the All In One. We'd have to plug your numbers in to see how it works for you based on your monthly income and expenses. As long as you keep your payment the same on the same outstanding balance, that is the first step. However, there's a second question you should ask... You now have all this equity built up in your home. What are your options if you wanted or needed to access part of that equity in the next 5, 10, 15, 20+ years?
I've been around long enough to see plenty of people retire after paying off their home, then having a need to access their equity, but no longer having the income to qualify. Generally those calls are get are from folks looking for alternatives to having to sell the home they love, or take very unattractive terms on a new loan.
Is this product available in Texas?
Yes, it is available in Texas. There are some caveats to Texas due to your laws. Essentially, once your mortgage is paid off, you can redraw funds without needing to requalify (or pay closing costs) for up to 30 years in all U.S. States except Texas where you can only access those funds for the first 25 years. After that, any outstanding balance would have to be paid back over the remaining 5 years of the loan.
Do you have to keep ALL your money in the specified bank?
No, you do not. However, unless you're earning above market rates elsewhere, it makes sense to keep as much possible in your account as long as possible
Did you say the All In One is offered "exclusively" by CMG?
Yes, it is.
Is CMG somehow affiliated with Ridge Lending Group?
@@anthonyj.4756 It looks like Ridge Lending Group is an independent broker selling CMG's All In One Loan product through our Wholesale Channel.
Can you support anyone in any location? I’m in Florida.
Yes, I am licensed in Florida. My team and I collectively are licensed in all 50 states.